bitcoinwhales

The #bitcoin price has been in a red-hot form over the past two weeks, leading to talks of the premier cryptocurrency reclaiming the significant $100,000 mark. Interestingly, the latest on-chain data suggests that the price of $BTC could fly past this level and forge a new all-time high over the coming weeks.
What Will Happen If #Bitcoin Price Falls Beneath $93,145?
In an April 26 post on X, popular crypto analyst Ali Martinez shared an exciting analysis and projection for the Bitcoin price over the next few weeks. According to the online pundit, the flagship cryptocurrency could be on its way to as high as $131,800 so long as it stays above a critical support level.
This projection is based on the Short-Term Holder (STH) Cost Basis, which measures the average price at which recent investors — typically defined as wallets holding #bitcoin for less than 155 days — acquired their coins. This metric often offers insight into the sentiment of short-term investors and can act as a relevant psychological support or resistance level.
When the #bitcoin price is above the STH Cost Basis, it typically signals bullish momentum among short-term market participants. On the other hand, a sustained break beneath this metric could trigger increased selling pressure, as short-term holders are known for their speculative and reactive nature.

Source: @ali_charts on X
According to data from Glassnode, the Short-Term Holder Cost Basis currently stands around $93,145, which represents a crucial support level for the #bitcoin price. Martinez noted that the premier cryptocurrency needs to hold above this support to make a run to a new all-time high price of $131,800.
However, Martinez warned that if the Bitcoin price fails to defend the $93,145 support cushion, this could open the door to a broader correction. In this case, the market leader may suffer a deep price pullback toward the next major support level around $71,150 — an almost 25% decline from the current price point.
As of this writing, the price of #bitcoin stands around $94,410, reflecting a 0.6% decline in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 10% on the weekly timeframe.
Could BTC Whales Provide The Needed Bullish Impetus?
In a separate post on X, Martinez revealed that the Bitcoin whales have been getting busy in the market, loading up their bags following the recent price rally. Whales are significant market participants due to their substantial holdings and also their often informed trading decisions and positions.
Data from Santiment shows that #BitcoinWhales (holding between 1,000 – 10,000 coins) bought over 20,000 BTC in the last 48 hours. With this increased buying activity from large investors, the Bitcoin price might get the needed momentum to attempt a run at a new all-time high.

The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView

🚀🔥 Price shoots above $94K
Something big is coming to the crypto world! 🌊🐳 Bitcoin whales—yes, those giant investors with wallets as heavy as a pirate's chest of gold—are back, and they're buying BTC like there's no tomorrow 🛒📈

According to fresh data from Glassnode 🍷, entities with more than 10,000 BTC are accumulating heavily, with an accumulation score of 0.90 on its flagship metric. And what does that mean? They're buying heavily, and that's typically a sign of a strong market rally.

Data from Santiment shows substantial whale movement as more than 60,000 BTC shifted during the recent week. This market shift consists of substantial wallet transactions that range from 1,000 to 10,000 BTC in each transaction.

Whales seem to conduct strategic accumulation or distribution since their activity levels reach peaks at times when prices experience movement.

Large whale movements normally serve as an indicator that upcoming market shifts are likely to occur. Large Bitcoin holders have enough power to manipulate market prices because they either accumulate to decrease supply or sell to add market liquidity.

The price of Bitcoin stands to increase because of depleted circulating supply when whales conduct accumulation-driven transactions. Whales who carry out selling activity create upward pressure on Bitcoin's price, whereas distribution by whales leads to short-term price corrections.

Source: X
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